The plan to boost private workplace pension plans is a good first step but requires improvements, says a report from the C.D. Howe Institute
Proposed tax rules for PRPPs will apply to both federally and provincially regulated plans
Even with PRPPs, one-third of boomers may not have enough income for retirement
Financial literacy is another issue that presents opportunity for advisors to get involved
Advice would improve financial outcomes
Tax rules are being developed federal and provincial pooled registered pension plans
With auto-enrolment and a requirement that employers offer a plan, almost three million additional Canadians would be enrolled in pooled registered pension plans
Menzies hopes to present PRPP legislation to the House of Commons before the end of the year
The plans’ popularity is strong across the board; it is highest among employees of private companies
PRPPs an attempt to come up with a lower-cost solution than the retail market's